For most people, there isn't any change in the income tax rate, but there are tweaks for the super-rich, and for those in the lowest tax bracket. For instance, individuals with an annual taxable income of more than 10 million rupees will have to pay a so-called surcharge, which effectively pushes their tax rates to around 34% from the current 30.9%. Shown, men watched a live telecast of Mr. Chidambaram's budget speech outside the Bombay Stock Exchange, in Mumbai, Thursday.

For most people, there isn't any change in the income tax rate, but there are tweaks for the super-rich, and for those in the lowest tax bracket. For instance, individuals with an annual taxable income of more than 10 million rupees will have to pay a so-called surcharge, which effectively pushes their tax rates to around 34% from the current 30.9%. Shown, men watched a live telecast of Mr. Chidambaram's budget speech outside the Bombay Stock Exchange, in Mumbai, Thursday.

The finance minister promised an additional 10 billion rupees to cover any unexpected costs for a pending food security law, a proposal which aims to provide food grain at throw away prices to nearly 70% of Indians. Shown, a fruit seller at a market in Hyderabad, Thursday.

The finance minister promised an additional 10 billion rupees to cover any unexpected costs for a pending food security law, a proposal which aims to provide food grain at throw away prices to nearly 70% of Indians. Shown, a fruit seller at a market in Hyderabad, Thursday.

In his speech, the finance minister said Indians' passion for gold was one of the main contributors to the widening current account deficit, with greater foreign exchange outflows than inflows. India is the world's biggest consumer of gold. Shown, a jewelry showroom in the southern Indian city of Kochi, Kerala, Feb. 25.

In his speech, the finance minister said Indians' passion for gold was one of the main contributors to the widening current account deficit, with greater foreign exchange outflows than inflows. India is the world's biggest consumer of gold. Shown, a jewelry showroom in the southern Indian city of Kochi, Kerala, Feb. 25.

Initiatives to support employment intensive sectors like textiles, leather and small and medium enterprises were also proposed, a move hailed by industry experts. Shown, a boy arranged saris, a traditional Indian garment, in Hyderabad, Nov. 30, 2012

Initiatives to support employment intensive sectors like textiles, leather and small and medium enterprises were also proposed, a move hailed by industry experts. Shown, a boy arranged saris, a traditional Indian garment, in Hyderabad, Nov. 30, 2012

Other than setting up a 10 billion rupee or $185 million fund aimed at improving women's safety, the finance minister proposed to set up a state-run women's-only bank, a move aimed at encouraging self-sufficiency of women. Shown, a flash mob in support of women's safety in New Delhi, Feb. 14.

Other than setting up a 10 billion rupee or $185 million fund aimed at improving women's safety, the finance minister proposed to set up a state-run women's-only bank, a move aimed at encouraging self-sufficiency of women. Shown, a flash mob in support of women's safety in New Delhi, Feb. 14.

Foreign mobile handsets costing more than 2,000 rupees or $37, will become more expensive after India's finance minister increased the import tax on them to 6% from 1%. Shown, a man takes a video of spiritual leader The Dalai Lama on his phone in the eastern Indian city of Bodhgaya, Bihar, Jan. 7, 2012.

Foreign mobile handsets costing more than 2,000 rupees or $37, will become more expensive after India's finance minister increased the import tax on them to 6% from 1%. Shown, a man takes a video of spiritual leader The Dalai Lama on his phone in the eastern Indian city of Bodhgaya, Bihar, Jan. 7, 2012.

Taxes imposed on locally-produced sports utility vehicles, high-end motorcycles and luxury cars are also set to rise. Shown, Mahindra & Mahindra Ltd.'s SUVs parked in a factory in the western Indian town of Chakan, Maharashtra, Feb. 6.

Taxes imposed on locally-produced sports utility vehicles, high-end motorcycles and luxury cars are also set to rise. Shown, Mahindra & Mahindra Ltd.'s SUVs parked in a factory in the western Indian town of Chakan, Maharashtra, Feb. 6.

New Delhi plans to spend up to 2.03 trillion rupees or $37.7 billion on defense next year, up from a revised 1.78 trillion rupees this year. Shown, Indian Air Force pilots fly in formation during a training session in the western indian city of Pokhran, Rajasthan, last week.

New Delhi plans to spend up to 2.03 trillion rupees or $37.7 billion on defense next year, up from a revised 1.78 trillion rupees this year. Shown, Indian Air Force pilots fly in formation during a training session in the western indian city of Pokhran, Rajasthan, last week.